The Mortgage Brothers Show
5 Important Things To Know Before Choosing A Lender
In this post, we’re going to be covering the top five things you need to know before you start choosing a lender. We hope that this helps you find the perfect lender to help you buy the home of your dreams.
1. Make sure the lender has a great reputation
Make sure that they have good reviews and that other people have worked with them successfully. It doesn’t matter how great of a quote they can give you if they aren’t able to follow through on it. You have to be comfortable working with your lender.
2. Is the lender responsive and communicative?
You’ll be working with your lender for a while, especially if you’re working on a purchase. It’s key that you have a good flow of communication with your lender throughout the whole transaction. Do they get back to you within a reasonable amount of time? Are you able to get them on the phone or are you stuck in an impersonal phone tree? These are some of the kinds of questions you want to be asking.
3. What is the lender’s interest rate?
If the lender passed the first two tests, if they have a good reputation and are responsive, the next question you should be asking is what their interest rate is. At the end of the day, all the other stuff doesn’t matter if the lender doesn’t have competitive rates.
4. What are the lender’s closing costs?
There’s a bit of a teeter-totter between interest rate and closing costs. Sometimes lenders will quote low on one and make up for it with the other. Be sure to know both so you can have a complete picture of things, and so that you can make an informed decision.
5. Does the lender live in the area that you live or want to live in?
It’s important to have a lender who knows the area you want to live in. If they’re local they’ll know what works best for their area and their community.
Thanks for listening and reading the Mortgage Brothers Show. Let us know if you have any questions you’d like us to answer on this podcast. You can email your questions to Tom@AZMortgageBrothers.com or Eddie@AZMortgageBrothers.com.
Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.
Signature Home Loans LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Signature Home Loans NMLS 1007154, NMLS #210917 and 1618695. Equal housing lender.